Charitable Planning

Happy Holidays: Considerations for Year-End 2023

The Holidays are upon us, and people are hustling to purchase last-minute Christmas gifts, wrapping presents, baking cookies, and trimming the tree. The year-end is fast approaching, and it is a time for both reflection on the past and looking ahead. Hence, this is the Season when many people make plans. This means clients should be […]

Donors To Donor Advised Funds Beware

A recent case in the US District Court for the Northern District of Texas upheld the IRS’s denial of a charitable deduction stemming from the donation of interest 1 in a Limited Partnership. The partnership donated to a Donor Advised Fund violated the contemporaneous written acknowledgment (“CWA”) requirement for donations to Donor Advised Funds. 2 […]

Extension of Time to file Portability Return

Effective July 8, 2022, the IRS has extended the time frame for electing portability from 2 years to 5 years after the decedent’s death under IRS Revenue Procedure 2022-32. What is portability? Portability is an estate planning tool and a way for spouses to combine their exemption from estate and gift tax. A surviving spouse […]

Not All Gifts Are Created Equal

It is better to give than to receive. But if you give a gift above a certain amount, you may wind up owing money to the IRS! The federal tax code has very specific rules about how much you can transfer to (gift) others each year (annual exclusion) and during your lifetime (lifetime exemption). Gifts […]

Estate Planning Isn’t Just for Boomers: A Guide for Millennials and Gen Z

Adults in the U.S. now span five generations, ranging from Gen Z (1995-2012) to the Silent Generation (1945 or earlier) – with Millennials, Gen X, and Boomers in-between. Each generation has a unique value system, especially with money. It’s not surprising that the concept of estate planning is not top of mind for younger generations; […]

Estate Planning is Still Possible (and Critical) Despite the Tax Uncertainty

Without the support of Senator Joe Manchin, President Biden’s landmark legislation, the Build Back Better Act, did not pass in 2021. However, this is not to say that Congress won’t try to push it through in 2022 by separating the legislation into two bills or further trimming down programs. This takes us into the new […]

The Art of Gifting: Deciding What Strategy is Best for You

In the spirit of #GivingTuesday, we want to discuss some of the important considerations and options as it pertains to gifting. Use It or Lose It — Annual Gift Exclusion The annual gift tax exclusion amount is the amount a person can gift to several recipients without a gift tax consequence. This amount is $15,000 […]

What to Look Out for in Estate Planning

President Biden plans to move forward with his proposed changes to our tax laws. If passed, the legislation will be the first major tax hike since 1993. Recent Tax Law History In 1993, President Bill Clinton signed The Tax Reform Act of 1993 into law which was aimed at reducing the federal deficit through increased taxes and […]

Are Payments of a Loved One's Health Insurance Premiums or School Tuition Subject to Federal Gift or Generation-Skipping Transfer Taxes?

During the holiday season, we receive an influx of questions from clients regarding gifting. Estate planning is an excellent tool for giving to our loved ones and charitable organizations, not only after we're gone, but while we are alive and well. Gifts can take many forms beyond the traditional sense. One such example is the […]

Loans to Family Members: What You Need to Know

Under the right circumstances, an intrafamily loan can be a powerful estate planning tool because it allows you to transfer wealth to your loved ones free of gift taxes — to the extent the loan proceeds achieve a certain level of returns. But an outright gift is a far more effective way to transfer wealth, […]

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